China's State Media Offers Some Clarity on U.S. Trade Deal

China's State Media Offers Some Clarity on U.S. Trade Deal

Trump hit an additional $200 billion of Chinese goods with a 10 percent tariff that had been due to rise to 25 percent on January 1.

Beijing and Washington now have 90 days to make progress in talks over the main issues, which include USA complaints that China forces American companies to hand over technology and steals their intellectual property through hacking. These practices, according to the administration and outside analysts, include stealing intellectual property and forcing companies to turn over technology to gain access to China's market.

He revisited the issue later on Tuesday, within minutes of the commerce ministry's statement, writing on Twitter: "We are either going to have a REAL DEAL with China, or no deal at all - at which point we will be charging major Tariffs against Chinese product being shipped into the United States".

"The history here with China promises is not very good". The foreign ministry said on Monday that the Chinese and US presidents had instructed their economic teams to work towards removing all tariffs.

The truce between the USA and China emerged after a highly anticipated dinner December 1 involving Trump and Xi on the sidelines of the Group of 20 summit in Argentina. Should China remove the tariffs now, US soybean would likely still be uncompetitive in the global market as harvest season approaches for the crop in South America.

"The United States has put forward many demands, not all of them reasonable", he said.

Fears of a hotter trade war had sent financial markets tumbling in October and November.

Even on routine matters, with no voters to placate and total control of Chinese media, they can frustrate other governments by leaving them waiting weeks or months for a response.

The Dow Jones Industrial Average shed 3.1% while the tech-dominated Nasdaq was nearly 4% down by the close.

Megan Greene, chief economist at Manulife, said the market's recent decline had likely contributed to Trump's willingness to reach a truce.

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Imports of American soybeans fell by 95% in October YoY and LNG imports were virtually non-existent after the tariffs were imposed.

In the meantime, the outlines of the agreement remain hazy and in some cases confusing.

After some confusion Monday about who would head the talks with China, Trump suggested Tuesday that U.S. Trade Representative Robert Lighthizer would take the lead, "working closely with" Treasury Secretary Steven Mnuchin, economic advisor Larry Kudlow, Commerce Secretary Wilbur Ross and trade advisor Peter Navarro.

"I don't think this meeting or anything else for that matter, right now, is moving toward auto tariffs", Kudlow told reporters Monday. As such, companies with interests in U.S. Almost all the cars they sell in China are made there. Trump is relying on tariffs, and the threat of imposing them, to force other countries to buy more goods from America. China gets a delay on additional tariffs, while the USA gets greater purchases of agriculture goods while retaining leverage to push for more structural changes to the economy.

Be patient, said Ma Hong, a trade expert at Tsinghua University in Beijing.

"I would think of that as a broad goal", he said.

The day after Xi and Trump met, the WeChat account of the People's Daily's overseas edition published an article detailing some of what was discussed at their talks.

The tariffs battle has overshadowed changes Xi's government has announced this year.

The Republican president appeared to address one of the concerns by indicating he would not be opposed to extending the 90-day truce.

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